Last week a simple and cryptic statement by Mario Draghi, the President of the European Central Bank, sent U.S. markets rocketing up.

The statement was nothing unusual. Draghi promised “to do whatever is needed” to protect the Euro and hinted that large-scale intervention by the ECB was being planned. Nothing he hasn’t said before.

But the impact on North American markets was immediate. Gold rallied by about 2.5%, and the SPX closed the week up almost 2% — even though the market looked to be tanking before Draghi’s statement.

It is an indication of how much influence European events now have on U.S. markets.

And while most traders are aware of domestic events like the Fed FOMC statement this Wednesday and the speech by Fed Chairman Ben Bernanke of Thursday, relatively few people pay close attention to what is going on in Europe this week.

So here are nine things happening in Europe early this week that have the potential to move U.S. markets.

The full market outlook for the week of July 30 is available free of charge from www.naturus.com. Here is the synopsis:

Eight ways Europe may move U.S. markets

  1. Spanish flash GDP quarterly results will be released on Monday, the broadest indicator of economic activity for a nation in crisis.
  2. Italian bond auction tentatively scheduled for Monday. Italy is heavily in debt but needs to borrow to rollover previous borrowings and to fund government activities. The price they have to pay to borrow will give an early indication of what the market thinks about Draghi’s promises.
  3. German Retail Sales monthly report will be released Tuesday. Germany is the engine that pulls Europe, but there have been hints the engine is running out of steam. Retail sales — the primary gauge of consumer spending — will give an early indication.
  4. German Unemployment Change will be released Tuesday. A bad result would make some traders hesitate.
  5. Italian unemployment rate will be released on Tuesday. Employment in Germany is growing more slowly that before, and unemployment in Italy is rising — troubling signs.
  6. Year-over-year Consumer Price Index changes for the Eurozone. Inflation has been running above 2.5% which makes it more difficult for central banks to maintain their low interest rate policies.
  7. The Manufacturing PMI (Purchasing Managers Index) for Spain will be released Wednesday. A guide to the expected level of future manufacturing activity, it has been falling for most of the year.
  8. European Central Bank press conference on Thursday. The world will be watching Draghi’s statement to see if he follows through on last week’s tough talk. Fed Chairman Bernanke is speaking later the same day,